Deadline Extension for Corporate Tax Returns

The income tax department has extended the deadline for corporates to file income tax returns by 15 days to November 15 for the assessment year 2024-25. This move does not affect deadlines for the Tax Audit Report or other forms. The extension aligns with the festive season.

The income tax department has announced a 15-day extension for corporate entities to file their income tax returns, pushing the new deadline to November 15 for the assessment year 2024-25.

The Central Board of Direct Taxes (CBDT) issued a circular informing the public of the extended deadline, which was originally set for October 31. It does not, however, extend deadlines for submitting the Tax Audit Report, transfer pricing certification in Form 3CEB, and other forms such as Form 10DA for which the deadline remains October 31, 2024.

Rajat Mohan, Senior Partner at AMRG & Associates, noted that the deadline extension might be influenced by the upcoming festive season, providing taxpayers and professionals more time to ensure accuracy and compliance without the pressure of last-minute filings.

(With inputs from agencies.)